PSE Index In Big Recovery

The Philippine Stock Exchange (PSE) index today mounted a big recovery with the top 20 active issues all in green territory to get back to the 7,000-point level with a 242.51-point rise or 3.52 percent gain to 7,035.76 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, February 1, 2023

Opening a bit higher and declining later to 6,813 points, investors went back to the market with a vengeance discounting already the expected rise in the US Fed rates to push ever higher. The result was the index closing at its highest price point.

Market bellwether SM Investments rose by 2.8 percent to P946, up by P26 while second-liners ACEN Corp and Monde advanced by 50 centavos to P7.50 and 64 centavos to P13.84, respectively.

BDO Unibank was the most active stock with trades of P898 million as it gained P2.40 to P125.20, followed by Ayala Land with trades of P797 million, closing P1.20 higher to P30.50.

ICTSI was next with trades of P507 million as it went up by P11. 20 to P218.60, while PLDT went up by P86 to P1,428, Globe Telecom by P130 to P2,150, and Converge rose by 68 centavos to P18.16.

The other gainers were Union Bank up by 35 centavos to P97, SM Prime, up 85 centavos to P37.75, GT Capital, up P15 to P525, Universal Robina, up P6.70 to P144.50, Metrobank, up P2.25 to P59.50, Jollibee Foods, up P7 to P245, DM Consunji, up 80 centavos to P11 80, Ayala Corp, up P43 to P750, Robinsons Land, up 32 centavos to P15.62, and Megaworld up 9 centavos to P2.21.

Value turnover was about 50 percent above average to P8.98 billion with 143 gainers, 49 losers, and 43 unchanged. Services posted the biggest rise at 4.39 percent. Financials rose by 2.74 percent, industrials by 3.14 percent, 3.69 percent, mining and oil by 0.73 percent, and property by 2.79 percent.

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